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This is what we're looking at today. If you've entered a long at the bottom probably worth holding it, see what sort of reaction we get around 1792-95. We're expecting this to go lower down so we may test a short at the mentioned level.

Lets see what happens if we get there.

We're still holding our shorts, a break and close at 1800 EOD and we'll look to reduce exposure.

Right now 1790 looks good, 1783 and 81 should support the price

Just shy of 1790, we got 1789.63 on one of our brokers. We didn't enter the short, waiting to see if we get a retest of the level. As above, 1781 should support for this to move further up. EOD close below 1785 will mean bears are still in control for now

Hope everyone is managing with the moves gold is making. As we mentioned this morning, we saw the move towards 1790 where we were looking for a short. We didn't get the opportunity unfortunately. The Long we took was enough for today.

We have to take caution here. We have options expiry coming up so gold will be moving like this in the coming sessions.

We have a few targets in mind but will let you know how we're trading it.

Lower target of 1762 for a long
Higher target of 1806 for a short

These are not trading signals. We'll share our analysis as we usually do before we take the trades

This is what we're looking at right now. We're in a similar symmetrical triangle to the other day when it broke out. Is tomorrow the day we get our low? We have to wait and see.

The levels are on the chart, breaking the short-term trend will put even more pressure on Gold to decline towards the 1720 level. Our immediate level at the moment is around 1762 where we could bounce and go up.

No new trades in at the moment, we took a long earlier and came out at resistance. We're still holding shorts from above, breaking back above 1800 and we'll look to reduce our exposure on them.

We're done for the day. See you all tomorrow.

We hit 1762 levels and bounced. We're not taking long positions yet although we are preparing to as soon as we get confirmation the trend is going to change.

We are now waiting to see if we get a retest of the level, it's a crucial point for Gold as buyers will again be coming in to buy the dip. It hasn't worked so far, they continue to get flushed, now we need to see if they flush them one more time. In moves like this, the market knows where all the orders are placed, it will wait until the buyers are frustrated before it makes its move back up.

We have a lower target of 1750, 1747 and then 1725. Our indicator hasn't suggested a sell yet so we're not entering until we see a highly probable set up. We will let you know. Please refer to the charts from earlier this week, all the levels are on there for you.

To give our honest opinion, we don't think gold is done yet. Resistance stands at 1783-85. A weekly close below this level shows bears are still in control. As always, trade safe. We'll be back during the US Session around 13:00GMT

Be patient everyone. We've been trading very well on this group, selling all the way down and only buying for quick captures. We don't want to ruin our performance. We're planning to switch to long positions and do the opposite, trade this all the way up and only sell for quick captures. But, there is a time to do it, we don't think that time has come yet.

We're done for the week. Hope you all had a successful week. Before we go, a few things to look for before market close. The last chart we posted still stands, the new support is 1798, we want to get a close below this level tonight. Its options expiry at some point, so they've either taken it up to drop it or they're going to cover some positions, so the market may move some more this evening. Futures contracts close next Friday, so next week will be interesting.

DXY. 1H TF.

We've hit support and formed a double bottom, this should gradually rise back up. We still haven't hit that gap at around the 91.40 level, so we should expect this at some point very soon.

Gold. We've formed a double top on the 1H TF. Now what we're looking for is the closing price. We want this to close below the support this evening. If it doesn't, next week could very well be bullish.

Please refer to the last gold chart where we've given a level higher of around 1820. That could be our potential target for next week depending on closing price.

Structure is still bearish, there is a lot suggesting a move lower down which we are monitoring. Next week we will stick to the same strategy, we'll sell from key resistance levels and we'll take quick buys to capture movement.

Wishing everyone a great weekend. Welcome to all the new subscribers and thank you to everyone for following.

Knights of Gold

Good evening members. Weekly outlook on its way. We haven't included the hourly timeframe as we'll assess and trade that day to day. Hope you've all had a good week. Looking forward to another successful trading week ahead.

Welcome to all the new members and thank you to all the members who have been with us since the beginning. Its only been a few months and unexpectantly we're over 400 members of the group. Thank you for all your support 🙏

Please also refer to our monthly trend chart which shows what we're seeing in terms of the fractal .

Looking at this chart you can see we still have room to go lower. We're going to look more closely at the lower timeframes to get a clearer picture of where me may head over the rest of the month.

We’re due a technical retracement so the levels we’re looking at for reactions are on the chart. Bulls are being punished at the moment and we really don’t think its over yet.
There will be a lot of buyers now sweating with stop losses below around that 1670-60 level, would be the perfect ending for bears to then start going long. We’re expecting another liquidity grab from above and potentially another drop to lower levels.

Support:

1770
1756-50
1728-30

Resistance:

1795
1810
1821-25
1845-48

This is just an outlook and opinion, not a prediction of trade signal. Lets look at the daily on the next chart.

Here we want to see a retest of the lower level around 1770, rejection here and gold will confirm a double bottom . We’ll look to buy around these levels and target 1808-15 initially.
What concerns us on this chart is that there is a pattern that wasn’t retested and the target is around 1587. We’re not saying its going there, however, technically the right gets tested most of the time on lower timeframes. This would really flush and frustrate buyers out of the market before gold resumes its bullish moves.

This is just an idea, not a prediction, not a signal. We’re just sharing what we see. We’ll trade the levels as we usually do, day-to-day. The targets can only get clearer with time, so we’re monitoring everything very closely.

Support:

1770
1765
1750
1736
1720-1710

Resistance:

1785
1804
1816
1832
1853

Apologies this one isn't very clear on here. If you're on tradingview you can see the bigger picture. What are we looking at here… You can see the trend and levels are being respected.

Now what we want to see If we’re going up is support around 1775, this will form an inverse head and shoulder pattern on this timeframe as well as a double bottom on the daily timeframe .
For us that would be enough confirmation to test the long trade towards the higher levels of 1810-20.

Breaking the 1775-70 level and closing below it and we’re on for another flush on Gold . This chart is confirming our level of 1750 that we’ve been targeting for over two months and potentially lower.

Remember, it doesn’t always have to go and touch the trendline. It can form a support of resistance at any key level and move the opposite way.